Bitcoin miner TeraWulf plans to secure approximately $3.5 billion in debt financing for the Justified Data campus in Kentucky, leased to Anthropic. This was reported by Bloomberg.
According to the company's CFO, Patrick Fleury, Morgan Stanley will act as the deal's underwriter. The financing may include high-risk loans and high-yield bonds, marking TeraWulf's first foray into this type of debt market.
The funds will be used to develop Justified Data in the town of Houseville. On July 6, TeraWulf announced that it had signed a 20-year lease agreement with Anthropic, which includes two five-year extension options.
The facility is expected to provide around 401 MW of critical IT load. The first phase is planned to be operational in the second half of 2027, with the campus reaching its full design capacity by early 2028.
TeraWulf estimates that the contract with Anthropic will generate approximately $19 billion in revenue over the initial lease term. The company has also agreed to sell its 50.1% stake in Abernathy Joint Venture to a group of investors led by Fluidstack for about $530 million.
Previously, the miner issued high-yield bonds amounting to $3.2 billion in October and $1.3 billion in December. According to Bloomberg, TeraWulf became the first mining company to enter the junk bond market.
As a reminder, TeraWulf reported revenues of $34 million for the first quarter, with approximately $21 million coming from high-performance computing services.
In May, the miner acquired a site in Eastern Kentucky from Industrial Equity Partners for the development of HPC infrastructure with a potential capacity of over 1 GW. The project has been named Muskie Data Campus.